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Redevelopment Commission Meeting <br />Special Meeting — July 27, 2004 <br />6. NEW BUSINESS (CONT.) <br />C. continued... <br />bond, and then for use on other projects in the TIF <br />area. <br />Mr. Rompola noted that Resolution No. 2073 also <br />approves a Form of Trust Indenture. The Indenture <br />sets forth in greater detail the terms of the bonds, <br />the obligations with respect to the Trustee and the <br />Letter of Credit. The Indenture allows at some <br />point in the future for the bonds to be converted to <br />a fixed rate financing. The developer intends to do <br />that when the project starts to generate some TIF <br />for the area. <br />Mr. Hunt asked what interest rate is anticipated. <br />Mr. Rompola responded that they recently closed <br />on a similar bond with an interest rate of 1.25 %. <br />ce, Upon a motion by Mr. Hunt, seconded by Mr. <br />Faccenda and unanimously carried, the <br />Commission approved Resolution No. 2074 <br />authorizing the issuance of city of South Bend, <br />Indiana, Redevelopment District adjustable rate <br />demand Tax Increment revenue Bonds and other <br />related matters. <br />D. Public Hearing on Resolution No. 2075 <br />appropriating the proceeds (including <br />investment earnings thereon) of the City of <br />South Bend, Indiana, Redevelopment District <br />adjustable rate demand Tax Increment Revenue <br />Bonds to be applied to the cost of local public <br />improvements in or serving Allocation Area <br />No. 2 of the South Side Development Area. <br />Mr. Rompola noted that Resolution No. 2075 <br />appropriates the proceeds of the bonds to the <br />Anchor project. <br />L, <br />COMMISSION APPROVED RESOLUTION NO. 2074 <br />AUTHORIZING THE ISSUANCE OF CITY OF SOUTH <br />BEND, INDIANA, REDEVELOPMENT DISTRICT <br />ADJUSTABLE RATE DEMAND TAX INCREMENT <br />REVENUE BONDS AND OTHER RELATED MATTERS <br />